You hired a hundred new employees recently, a few left voluntarily and a few were forced because of some issues or the other. Manually extracting the reasons for every attrition can be cumbersome. An HR tech tool that helps you understand attrition patterns will come in handy here.
HR tools powered by Augmented Analytics are what you need in this case. If you have heard of this term for the first time, let us take you to a detour of what Augmented Analytics is, and how it can be helpful for your entire set HR team.
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Several experts have come up with varied definitions of Augmented Analytics, but we have tried to take the simplest one for a better understanding. Augmented Analytics belongs to the data science field and this technology aims at retrieving actionable data from a given set of big data. It pools in cognitive technologies, take help from machines to interpret and understand data from a human perspective. This is the strongest reason and also the reason as to why Augmented Analytics is now crucial not only for hiring teams, but also for other HR functions.
There are three components that power augmented analytics, they are:
- Machine Learning
- Natural Language Processing
- Insight Automation
Leveraging big data and AI, augmented analytics have the potential to transform the entire processes across all the verticals of the enterprise. From maintaining hiring efficiency to maintaining overall employee quality, Augmented Analytics will help you through the entire life cycle of the employee within your organization.
Recruitment is a crucial task for any organization. Where a right employee can take the organization to the summit of success, a wrong recruit can bring that entire reputation to dust. When organizations make use of augmented analytics, they can ensure that they are hiring the best talent from the market.
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Here are Five Reasons Why Augmented Analytics is So Crucial to HR today:
- Time Saving for Recruiters
There is no denying that data science and AI collectively brings more productivity to the entire recruitment function. Earlier HR was a process driven function, but today it has moved out to pool in technologies like augmented analytics powered by NLP and AI for quicker and better decision making. Augmented analytics reduces human effort by providing data on employees at the snap of your fingers.
- The Quality of Hires is Improved
Accurate data analysis helps recruiters to systematically plan with indicative success rate for recruitment. For example, augmented analytics tools will tell you how hiring employees from a recruitment company is better than advertising on job portals or social media channels. The actionable insights help managers take robust and efficient recruitment decisions.
- Reduced Costs
With Augmented Analytics kept at the right place, companies eventually eliminate the need of hiring an experienced data scientist and save huge amount on the salaries paid to these professionals. Along with the recruiting team, IT team, payroll team, even third-party employee engagement consultants can leverage the benefits of analytics to drive actionable insights. This paves way for advanced business intelligence to a wider group within the company as well as to key stakeholders.
- More Transparency and Re-engagement
Most of the data on newly joined candidates are kept at bay and are never brought into picture when there are further openings in the organization. Augmented analytics helps bring the same data to the forefront. This data will help managers to re-engage with a specific set of employees, look at their current skill levels, and see if they are opting for other available senior positions open in the organization. Being absolutely free from prejudice and biases, it will show up whatever data is present without any manipulation.
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Efficient and Accurate analysis
The main reason for the rise of augmented analytics is its ability to enhance the effectiveness of data analytics, data sharing and business intelligence leveraging Machine learning, Natural Language processing and Insight automation. The more we use data analytics, the better are the chances that we come up with intuitive and innovative implementation of various business models. As per a report, it is already proved that by the end of 2020, augmented analytics will be the driving force for any new purchases of analytics and business intelligence in the organization.
Technology hasn’t left any business territory untouched, and it is used in different forms by managers and leaders to drive effective results coupled with personalized experiences for employees. The Human resource function is already largely being powered by big data and artificial intelligence. With more refined technologies like augmented analytics, the leaders can look for a more solution driven approach to extract the most accurate information from a given set of data.
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